Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Income from operations Loss from operations Interest revenue Net sales revenue Sales discounts Sales returns and allowances Selling expense Accounts receivable Administrative expense Allowance for doubtful accounts Bad debt expense Bank service charge expense Cash Net income Net loss P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below] Tungsten Company, Incorporated, sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31 . The following condensed trial balance was taken from the general ledger on December 31, Current Year: P6-4 Part 1 Cost of goods sold Income tax expense Interest revenue Net sales revenue Sales discounts Sales returns and allowances Required: 1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Income from operations Loss from operations Interest revenue Net sales revenue Sales discounts Sales returns and allowances Selling expense Accounts receivable Administrative expense Allowance for doubtful accounts Bad debt expense Bank service charge expense Cash Net income Net loss P6-4 (Algo) Preparing an Income Statement and Computing the Receivables Turnover Ratio with Discounts, Returns, and Bad Debts LO6-1, 6-2, 6-3 [The following information applies to the questions displayed below] Tungsten Company, Incorporated, sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31 . The following condensed trial balance was taken from the general ledger on December 31, Current Year: P6-4 Part 1 Cost of goods sold Income tax expense Interest revenue Net sales revenue Sales discounts Sales returns and allowances